Coinbase Custody provides the most dependable cold storage custody solution for financial institutions in the world. State Street Bank, one of the world’s largest fund administration organisations and the administrator of Iconic’s Bitcoin ETP, which was unveiled earlier this year, will also act as the administrator of the Ethereum ETP, according to a press release.
The ETP enables European investors to gain access to Ethereum in a cost-effective and time-efficient manner that is unrivalled in the industry. In the next days, the Iconic Physical Ethereum ETP will be listed on the Xetra Regulated Market of the Frankfurt Stock Exchange, which will serve as its primary listing.
Investors in Europe will be able to purchase it at a total annual expense ratio of 0.95 percent, and it will trade under the ticker symbol IETH GY on the Bloomberg exchange, with the ISIN number DE000A3GTML1. Iconic’s Head of Crypto ETPs, Michael Geister, said the following: “In terms of security, trust, and cost effectiveness, our Crypto ETPs are intended to exceed the most stringent institutional-grade criteria available today. Investors in Europe can gain familiarity with cryptocurrency assets by investing through trusted investment vehicles at industry-leading rates through our products.”
Iconic Funds has been at the forefront of crypto asset adoption for years, having issued and listed a physically backed Bitcoin exchange-traded fund (ETF), XBTI, on multiple European exchanges earlier this year (ISIN: DE000A3GK2N1). The Iconic Physical Ethereum ETP, according to the company, is only the beginning of its intention to issue additional ETPs that are physically backed by crypto assets.
Patrick Lowry, the founder and CEO of Iconic Funds, stated: “The adoption of cryptocurrency is still in its early stages. Iconic’s vision is to be the trusted partner of investors who want to gain access to the cryptocurrency market through traditional investment vehicles. Additional, highly innovative crypto ETPs will be released in the near future, and we look forward to collaborating with established financial institutions to develop white-labeled crypto ETP products.”
Tim Rice, the CEO of Coin Metrics, added the following: “Coin Metrics is pleased to support Iconic’s mission to accelerate the adoption of cryptoassets. It’s exciting to see the variety of investment products that are coming to market, and Iconic’s newest ETP will open up even more opportunities to even more people, which is great news.”